In the hope that trade negotiations between the United States and China will lead to a deal, oil prices rose by 1% to their highest level in seven weeks on Tuesday.

US Commerce Secretary Howard Lutnick said trade negotiations with China were going well, as the two sides met for the second day in London, seeking a breakthrough on export controls that threaten to cause a new rift between the superpowers. Thus, Brent crude futures rose by 81 cents, or 1.2%, to $67.85 per barrel at 11:22 EDT (15:22 GMT), while American West Texas Intermediate crude rose by 83 cents, or 1.2%, to $66.12

These gains pushed both crude benchmarks into technically overbought territory for the first time since early April and put Brent on track for its highest close since April 17 and WTI on track for its highest close since April 17 and WTI on track for its highest close since April 3.

Saudi allowances could be an early sign that cancelling OPEC+ production cuts may not result in much additional supply, Tchilinguirian said. OPEC+, which pumps about half of the world's oil and includes the Organization of Petroleum Exporting Countries (OPEC) and allies like Russia, has outlined plans for an increase in production by 411,000 barrels per day (bpd) for July as it seeks to cancel production cuts for a fourth consecutive